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Can you summarize Article 16, Chapter 58 NMSA?
Financial Institutions and Regulations > Remote Financial Service Units
Short Summary
The legal document provides regulations and guidelines for the establishment and operation of remote financial service units, including POS terminals and ATMs. It covers various aspects such as ownership limitations, geographic location restrictions, branch office considerations, notice requirements, liability of cardholders, foreign transaction fees, civil actions against violators, safeguards for remote financial service units, and the use of networks for data interchange among financial institutions. The document applies to any person who knowingly and willfully violates the provisions of Section 14 of the Remote Financial Service Unit Act. It also applies to cardholders, financial institutions, merchants, and individuals or entities involved in transactions with remote financial service units. Single subscriber terminals are exempted from ownership limitations, restricted geographic location, consideration as a financial institution branch office, and requirements for notice to the director. No specific penalties are mentioned in the document.
Whom does it apply to?
The legal document applies to any person who knowingly and willfully violates the provisions of Section 14 of the Remote Financial Service Unit Act. It also applies to cardholders, financial institutions, merchants, and individuals or entities involved in transactions with remote financial service units.
What does it govern?
The legal document governs the establishment and operation of remote financial service units, including POS terminals and ATMs. It covers various aspects such as ownership limitations, geographic location restrictions, branch office considerations, notice requirements, liability of cardholders, foreign transaction fees, civil actions against violators, safeguards for remote financial service units, and the use of networks for data interchange among financial institutions.
What are exemptions?
The legal document exempts single subscriber terminals from ownership limitations, restricted geographic location, consideration as a financial institution branch office, and requirements for notice to the director. No other exemptions are mentioned.
What are the Penalties?
The legal document does not specify specific penalties for non-compliance or violation.
Jurisdiction
New Mexico